Ohio lawmaker proposes bill to create a state-backed bitcoin reserve
Quick Take
- Ohio State Representative Derek Merrin introduced a bill to create a bitcoin reserve within the state treasury.
- Several other state representatives have pushed for state bitcoin reserves, as U.S. president-elect Donald Trump looks to build a national strategic reserve of bitcoin.
Ohio State Representative Derek Merrin introduced a new bill on Tuesday to establish a state-backed bitcoin reserve.
“As the US dollar undergoes devaluation, bitcoin provides a vehicle to supplement our state's portfolio and preserve public funds from losing value,” Merrin wrote in his X post.
HB 703, named the Ohio Bitcoin Reserve Act, seeks to create a designated bitcoin reserve fund within the state treasury and authorize the treasurer to invest interim money of the state in bitcoin.
“A strategic bitcoin reserve fund aligns with the state's commitment to fostering innovation in digital assets and providing Ohioans with enhanced financial security,” the bill said.
In a separate statement, the Republican Ohio lawmaker said that he anticipates the incoming administration under Donald Trump to establish a national bitcoin reserve, also mentioning Republican Sen. Cynthia Lummis’ draft bill to have the U.S. purchase 1 million BTC in five years.
Representatives from other U.S. states, including Texas and Pennsylvania, have also recently pushed to build bitcoin reserves in their respective states.
Bitcoin has seen substantial gains throughout this year, especially after the reelection of crypto proponent Trump as U.S. President. The world’s largest cryptocurrency rose 155% in the past year, currently trading at $104,680 according to The Block’s bitcoin price page.
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